Cryptocurrencies are on the rise, and many online stores would like to capitalize on this trend by deploying a crypto payment gateway. Yet, not many store owners know that they can set up their crypto payments gateway virtually in a matter of minutes, thanks to the state-of-the-art solutions offered by NOWPayments. WooCommerce businesses have a chance to begin accepting crypto payments using a simple plugin. They have a choice of more than 100 different cryptocurrencies, including the amazing Enjin coin.
Key points:
- ENJ is an NFT-oriented coin.
- Enjin payments are secure and peer-to-peer.
- NOWPayments’ ENJ payments plugin is compatible with WooCommerce.
What is Enjin?
Enjin is a project that facilitates the use and integration of NFTs for users, businesses, and developers. Enjin Coin (ENJ) is the native cryptocurrency of Enjin. ENJ is an Ethereum-based cryptocurrency used to back the value of next-gen fungibles and NFTs. Enjin is primarily intended as a metaverse solution. So, Enjin enables people to manage their NFTs and cryptocurrencies, as well as to participate in the growing virtual economy. ENJ is a coin which is used in many Enjin products, including its wallet. Enjin also provides an end-to-end solution letting businesses create blockchain projects and experiences.
Pros and cons of accepting Enjin crypto on WooCommerce
Pros
Peer-to-peer transactions
All ENJ transactions are peer-to-peer, so they involve only two parties, the sender and the recipient. ENJ exists on the Ethereum blockchain, which does not have a single authority able to control transactions. As a result, there are no intermediaries, which are common in traditional finance. Peer-to-peer transactions can greatly facilitate and accelerate the payment process for businesses and help them avoid unnecessary exposure to their financial information.
Security
Enjin chooses to use the Ethereum network because it is a blockchain with proper security and protection mechanisms. This means that when transferring ENJ, users can be certain that their money will reach the recipient. Additionally, by storing ENJ coins in a non-custodial wallet, users will be able to protect their funds from hackers. So, businesses can benefit from the security level offered by ENJ.
Easy NFT creation
Enjin is a project which is built for the purpose of easy management of NFTs. Businesses can accept ENJ coins and spend them on creating cool NFTs. These NFTs can be used as customer rewards and perform the role of gift cards. Basically, businesses can take advantage of the NFT craze and use non-fungible tokens created with ENJ to further promote their brands.
Privacy
ENJ transactions are private since they do not contain any personal information about senders and recipients. ENJ holders have the ability to transfer their coins anonymously without disclosing their info to third parties. Businesses can use ENJ as a private payment method which can be particularly useful for people who prefer to do online shopping confidentially. Additionally, private ENJ transactions can be perfect for sending salaries.
Cons
Price fluctuations
At the same time, there are several shortcomings inherent to ENJ. For instance, the price of ENJ tends to fluctuate. Due to the fact that blockchains do not have central authorities capable of stabilizing the market price of assets, cryptocurrencies are subject to volatility which can be quite significant. Still, businesses have several ways to overcome this issue. NOWPayments’ auto-conversion feature lets businesses automatically convert the ENJ payments they receive to fiat.
Fees
Since ENJ exists on the Ethereum network, users at times can encounter high gas fees. During times of increased network traffic, the gas fee prices tend to rise, which can make it more costly for users to make transactions. Nevertheless, high-fee periods are relatively rare, so you do not need to worry about them too much.
How to accept ENJ on WooCommerce?
WooCommerce merchants can use NOWPayments’ plugin to accept the Enjin coin:
- Sign up for a NOWPayments account by pressing this link.
- Specify your Enjin crypto wallet address and generate an API Key.
- Go to this page to install the latest version of the WooCommerce plugin.
- Next, upload the nowpayments-payment-gateway-for-woocommerce directory to the /wp-content/plugins/directory.
- Activate the plugin through the ‘Plugins’ menu in WordPress.
- In the WooCommerce Settings page, go to the Payment Gateways tab, then click “Enable NOWPayments.”
- Go to the “Manage” section and enter your NOWPayments’ API Key.
- Click “Save changes,” and the gateway will become active.
Conclusion
The Enjin cryptocurrency can serve as a viable payment solution for WooCommerce merchants. WooCommerce businesses can easily integrate NOWPayments’ plugin and deploy an Enjin payment gateway.